logo
Share SHARE
FONT-SIZE Plus   Neg

American Financial Reveals Favorable Court Ruling In Tax Case With IRS

Insurer American Financial Group Inc. (AFG) Friday revealed a favorable court verdict regarding a tax case with the IRS.

The company has been involved in litigation with the IRS regarding the calculation of tax reserves for certain annuity reserves pursuant to Actuarial Guideline 33.

In an unanimous decision today, the the Sixth Circuit Court of Appeals in Cincinnati affirmed the Summary Judgment of the District Court in favor of American Financial.

As a result, unless the IRS determines to seek a discretionary appeal of this decision within 90 days, the decision will become final, and the company said it will record non-core after tax earnings of about $27 million, or $.28 per share.

The company continues to hold discussions with the IRS involving subsequent tax years.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
United Parcel Service, Inc. has started to test the use of drones to make commercial deliveries of packages to remote or difficult-to-access locations. On Thursday, the package delivery giant and drone-maker CyPhy Works staged a mock delivery of urgently needed medicine from Beverly, Massachusetts to Children's Island, which is about three miles off the Atlantic coast. Luxury electric car maker Tesla Motors Inc. (TSLA), Thursday filed a lawsuit against state officials over its right to sell vehicles directly to consumers in Michigan. The lawsuit has been filed against Governor Rick Snyder, Secretary of State Ruth Johnson and Attorney General Bill Schuette as defendants. Tesla... e.l.f. Beauty (ELF), a maker of cosmetic products, priced its initial public offering above its target range and raised about $141 million. The Oakland-based company opened sharply up on Thursday's trading on the New York Stock Exchange. The company said it sold about 8.3 million shares at $17 in...
comments powered by Disqus
Follow RTT